Rising cost of ingredients hitting bakeries
Tim Topi, owner of Wave Hill Breads in Connecticut, describes what he is doing to try and deal with the inflationary environment.
The owner of a Connecticut bakery described the challenges he is facing as Russia's war with Ukraine has been contributing to the rising cost of ingredients and gas.
Tim Topi, owner of Wave Hill Breads in Connecticut, told "Cavuto: Coast to Coast" on Tuesday that the inflationary environment has been impacting his business, as the cost of gas used to transport bakery goods in his seven vans skyrockets.
He noted that his vans drive about 50 miles to deliver goods to delis, homes and grocery stores, including Whole Foods, which he said has been "very hard to manage" amid the rising cost for fuel.
Topi said that in order to avoid passing on the higher costs to customers, he has been trying to make the production process "more efficient," but warned that he may have to increase prices soon if the situation doesn't get better.
FOOD PANTRY STAFFERS SAY INFLATION, HIGHER PRICES BRINGING MORE PEOPLE THROUGH THEIR DOORS
The national average for gas on Tuesday was $4.24, slightly lower than the week before and $1.36 lower compared to the year before, according to AAA.
|BNO||UNITED STS BRENT OIL FD LP UNIT||31.83||-0.35||-1.09%|
|USO||UNITED STATES OIL FUND L.P.||78.56||-0.98||-1.23%|
On Tuesday, oil was trading around the $111 a barrel level, while Brent, the global benchmark, rose to $116 as the war between Russia and Ukraine continues. Oil prices are up more than 45% this year.
Earlier this month it was revealed that inflation hit a fresh 40-year high in February, largely driven by higher gas prices. The February data was taken before Russia's invasion of Ukraine, which pushed prices at the pump to record highs.
The consumer price index climbed 7.9% on an annual basis, according to data released earlier this month by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%.